The underlying fundamentals are toxic

Great post from John Robb:

When authorities resort to propaganda confidence building instead of substantive action in response to an actual crisis, you know you are in real trouble (Katrina, Iraq, etc.). We are seeing this again today in regards to the global economic crisis, with media amplified whispers of green shoots and bald pronouncements of immanent recovery.

It won't help. The underlying fundamentals are toxic: US gross debt as a percentage of GDP (currently at 375%) is still climbing, housing prices are still falling (wealth destruction as far as the eye can see), un/underemployment is still rising (an inability to service debt), the financial industry is back to its old tricks (bonuses are shooting through the roof again, etc.), China is still manipulating its currency (dashing prospects of future jobs), commodities (higher costs for daily life) are shooting up again, etc.